Libya Aims for 2 Million Barrels Per Day in Oil and Gas Production by 2026
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Synopsis
Libya's National Oil Corporation seeks to boost oil and gas production to 2 million barrels daily in three years, pending funding. NOC Chairman Sulaiman highlights recovery and growth in the sector, aiming for enhanced local petrochemical capabilities and private sector involvement.
Key Takeaways
- Libya aims to reach 2 million barrels per day in oil and gas production.
- Current production exceeds 1.41 million barrels daily.
- Focus on enhancing local petrochemical industry.
- Private sector involvement is crucial for growth.
- Political stability is essential for sustainable development.
Tripoli, Jan 19 (NationPress) The Acting Chairman of Libya's state-owned National Oil Corporation (NOC), Masoud Sulaiman, announced that the organization intends to elevate daily oil and gas production to two million barrels within the next three years, contingent upon the availability of adequate funding.
During the third Libya Energy and Economy Summit held in Tripoli on Saturday, Sulaiman expressed optimism about the ongoing recovery of Libya's oil sector.
He underscored the achievements of the NOC over the past three years, noting a remarkable rise in crude oil production, which has now exceeded 1.41 million barrels per day, alongside improvements in gas and condensate production, as detailed in a statement from the NOC on its Facebook page, as reported by Xinhua news agency.
Sulaiman also confirmed that the NOC is striving to promote the local petrochemical industry and aims to boost refining capabilities to satisfy both local and international market needs. He stressed the necessity of motivating the private sector to assume a vital role as a service provider within the oil and gas sector.
The NOC disclosed on Friday that the nation's daily oil output surpassed 1.41 million barrels, with gas production indicators reaching over 210,000 equivalent barrels.
The two-day Third Libya Energy and Economy Summit commenced here on Saturday, with the opening ceremony attended by Libyan Prime Minister Abdul-Hamed Dbeibah, as well as the secretaries-general of the Organization of the Petroleum Exporting Countries (OPEC), the Organization of Arab Petroleum Exporting Countries (OAPEC), the African Petroleum Producers' Organization (APPO), and the Gas Exporting Countries Forum (GECF).
Libya's oil industry, which is the cornerstone of its economy, has often been embroiled in political turmoil since the fall of former leader Muammar Gaddafi in 2011.
